berrybck..I think you have to use all the tools at your disposal. You can't solely rely on charts nor DD. You have to use both. DD will get you from point A to Point B and the charts will help to navigate you. For example when FRTL went from .012 to .12 in a day. We were buying at .012 and no one was charting that play. A chart was called in once the stock was at its high point on 7/7 and volume had come in. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=30437631
It moved because of the story and that brought volume in. It is up to a company ,moving forward, to carry that out so people buy into the stock. Once volume hits the chart become crucial!! That next day (7/8)Claytrader called that the stock would pull back to b/w .02 and .05 which it did closing at around .04. The chart served its purpose for newbies that might have wanted to jump in at .11 and did not. That is an excellent time to rely on the chart. It did just that and closed the next day under .05. Now today with consistent volume in the stock the chart can be used to determine what is occurring in the stock. Even Claytrader referred to prior to this run, that the stock had no history and a chart history would have not been as helpful (paraphrasing not quoting). FRTL (.11) VIDEO Chart by Claytrader 7/7/08 http://investorshub.advfn.com/boards/playvideo.aspx?v_id=62
The point is that you have to use all of the tools at your disposal. W/O the DD and the story, stocks would not run the way they can sometimes IMO as the story creates volume which can be buying or selling. The chart acts on buying and selling and without that you do not have a yardstick or measure from which to go from particularly in the absence of volume. My two cents and everyone has just that two cents but those are the ones I rely on! :)
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